Intel's Stock Soars as Lip-Bu Tan Is Named CEO. But He Faces a Tough Task Ahead
With a permanent CEO, Intel now has some stability. But turning around the design and manufacturing businesses won't be easy.Months after leaving Intel Corp.'s board of directors, Lip-Bu Tan is returning to the struggling chip giant - in a much bigger capacity.He was named Intel's new chief executive on Wednesday afternoon, set to replace interim co-CEOs David Zinsner and Michelle Johnston Holthaus, who have been holding down the top post since December. When he officially assumes his role on March 18, Tan will be tasked with restoring Intel to stability - and trying to get the company back to its former glory as a chip powerhouse.Tan previously led Cadence Design Systems , which makes software that helps customers design chips, for a decade-plus stretch that ended in 2021. There, he oversaw "a reinvention of the company and drove a cultural transformation centered on customer-centric innovation," according to Intel's release. Cadence's stock rose more than 3,200% during his stint as